A Tale of Two Schools: Mark Skousen’s Vienna & Chicago: Friends or Foes?
This review was published in Procesos de Mercado: Revista Europea de Economía Política, 3 (2) 2006: 285-294.
While both the Austrian and Chicago schools are commonly associated with free-market ideals, there have been rivalry and lively discussions between them. In Vienna & Chicago: Friends or Foes?, Mark Skousen asks whether the two schools are separated by an unbridgeable difference or if, rather, they can become closer allies. After providing an
overview of the history of the two schools, Skousen compares the schools’ positions on four subjects, namely methodology, the ideal money standard, macroeconomics, and the proper role of government. After describing the positions of both schools on a particular subject, Skousen concludes with a judgment about which school has the stronger position in that regard. After declaring a 2:2 tie, in the last three chapters Skousen writes about the view of both schools on other economists, about their faith in capitalism, and about his strategic recommendations concerning the advance of free-market economics and a possible alliance of both schools
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